ICYMI: Chairman Scott Highlights Clarity Act, Previews Senate Banking AI Hearing on Fox Business’ Mornings with Maria

Washington, D.C. — Today, Senate Banking Committee Chairman Tim Scott (R-S.C.) joined Fox Business’ Mornings with Maria to discuss the Committee’s work to establish clear rules of the road for digital assets and preview today’s hearing examining artificial intelligence in financial services. Chairman Scott emphasized that digital asset legislation should protect consumers, lower transaction costs, strengthen dollar dominance, and ensure America leads the future of finance. Chairman Scott also stressed that as artificial intelligence continues to develop, policymakers must protect consumers and workers, support American innovation, and ensure the technology is built by American companies with American values.

Click here or on the image above to watch the full interview.

On setting clear rules of the road for digital assets:

“Digital assets are part of the future of finance, so every single industry will want to be a part of that, including banks. What we’re talking about today is how do we set the rules of the road so that we protect our consumers?”

On protecting consumers and lowering transaction costs:

“Job one is making sure that consumers are protected. Job two is making it less expensive to do business in America and easier to do it 24/7. Blockchain and digital assets allow us to get there faster.”

On ensuring America leads in digital assets:

“We can either lead in America or watch the dust from a distance. We’re not going to do that. We’re going to lead in America. Why? Because we’re Americans.”

On keeping financial innovation in the United States:

“We have to make sure that we have an environment that is conducive for the brightest minds, the greatest thinkers, and entrepreneurs to descend upon America to make sure that we are the economic and financial capital of the world for another generation.”

On stablecoins and dollar dominance:

“What we’ve already seen with stablecoins is that our dollar dominance is actually increasing… Stablecoins require dollars or U.S. Treasuries to back every single penny. That’s really good news for America’s dollar remaining the reserve currency of the world.”

On how digital assets help working families:

“For single mothers like the one that raised me and people working paycheck to paycheck, democratization through digital assets will bring down the cost of transactions and speed up the time of delivery.”

On previewing today’s AI hearing:

“We know artificial intelligence is coming. The number one objective we have is to protect our consumers and make sure they don’t bear the burden of higher costs in electricity or water usage.”

On protecting American workers:

“We need to make sure that we protect the American worker and make sure they don’t feel replaceable. Good, hard workers plus artificial intelligence should make us more productive. That means incomes will rise and we will have a better future.”

On the Banking Committee’s work on AI:

“Today is the first of many hearings that we will have in the Banking Committee so that we can understand this… We’re going to make sure that we understand the implications of this technology, go into it with our eyes wide open, and create a regulatory environment that is helpful for American companies, American workers, and the future of the country.”

On ensuring America, not China, leads in AI:

“The one thing we all agree upon, left and right, is that China will not lead in AI. The stack will be built by American companies, American products, and America’s vision for the future of the world, not China’s.”